Elliott wave analysis of GBP/JPY for March 13, 2019


The Brexit mish-mash once again had a short-term impact on the Market. Uncertainty is never a good thing except for volatility trades.

GBP/JPY should continue to trade above key support at 143.72 for a rally back to and above resistance at 147.79 for a continuation towards the channel resistance-line near 150.30.

Only an unexpected break below key support at 143.72 will invalidate our bullish outlook and shift our preferred count.

R3: 147.79

R2: 146.89

R1: 146.31

Pivot: 145.58

S1: 145.17

S2: 144.55

S3: 143.72

Trading recommendation:

We are long GBP from 144.80 and we have placed our stop+revers at 143.65.

The material has been provided by InstaForex Company - www.instaforex.com